HomeMy WebLinkAboutResolution 89-268 N.C.S. 08/21/19891k
~' resolution No. 89- 268 N ~.S.
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of the City of Petaluma, California
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1 RESOLUTION OF TIIE CITY COUNCIL OF TIIE CITY OF PETALUMA
2 EXPRESSING TIIE INTENT OF TIIE CITY TO PROCEED WITII A
3 LEASE FINANCING FOR TIIE ACQUISITION OF STREET LIGHT
4 FACILITIES WITHIN TIIE CITY AND RELATED EQUIPMENT,
5 APPOINTING SPECIAL LEGAL COUNSEL AND AN
6 UNDERWRITER IN CONNECTION TIIEREWITI-I AND
7 APPROVING AN AGREEMENT FOR LEGAL SERVICES AND
8 AGREEMENT FOR UNDERWRITING SERVICES
9
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11 WHEREAS, the City of Petaluma (the "City") has commenced eminent
12 domain proceedings to acquire the street light facilities within the City from
13 Pacific Gas and Electric Company and certain related equipment; and
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15 WHEREAS, in order to finance the cost of such acquisition, the City
16 proposes to proceed with a lease financing; and
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is WHEREAS, it is desirable to appoint special counsel and an underwriter
19 in connection therewith;
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21 NOW, THEREFORE BE IT RESOLVED BY TIIE CITY COUNCIL
22 OF THE CITY OF PETALUMA AS FOLLOWS:
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24 Section 1. Declaration of Intent. It is the intent of the City to finance the
25 acquisition of the street li ht facilities within the City and related equipment
26 (collectively, the "Project' from the proceeds of a lease financing.
27 In the event that any portion of such Project is acquired prior to the closing of
28 such financing, it is the intent of the City to reimburse the acquisition costs of
29 such portion of the Project from the proceeds of such financing.
30
31 Section 2. Aynointment of Special Counsel and Avyroval of
32 Agreement for Legal Services. The law firm of Brown & Wood, San Francisco,
33 California is hereby appointed to act as special legal counsel in connection with
34 said financing. The form of Agreement for Legal Services b~ and between the City
35 and Brown & Wood, presented to this meeting and on file with the City Clerk, is
36 hereby approved. The City Manager is hereby authorized and directed, for and in
37 the name of and on behalf of the City, to execute and deliver said Agreement for
3s Legal Services, in substantially said form, with such changes therein as such
39 official may regwire or approve, such approval to be conclusively evidenced by the
4o execution and delivery thereof.
Res. No. .. 8.9-.2.~.~......... N.C.S.
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1 Section 3. Appointment of Underwriter and Approval of Agreement
2 for Underwriting Services. The investment banking firm of Mark Pressman
3 Associates of San Francisco, California, is hereby appointed to act as underwriter
4 in connection with such financing. The form of Agreement for Underwriting
5 Services by and between the City and Mark Pressman Associates, presented to
6 this meeting and on file with the City Clerk, is hereby approved.. The City
~ Manager is hereby authorized and directed, for and in the name of and on behalf
8 of the City., to execute and deliver said Agreement for Underwriting Services in
9 substantially said form, with such changes as such official may require or approve,
1o such approval to be conclusively evidenced by the execution and
11 delivery thereof.
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the roved as to
Council of the City of Petaluma at a (Regular) (~j~() meeting
21st Au ust 89 ' '
on the .......................... day of ..................g......................................., 19........, by the i
following vote:
C ty Attorney
AYES: Woolsey, Cavanagh, Davis, Balshaw, Vice Mayor Sobel, Il~ayor Hilligoss
NOES:. 0
ABSENT:
A~I'EST:
CA 10-85
Tencer
City Cle
~R"' V 9 6 ~I~ ~LERiinuncil File ....................................
Res. No. .....89m~2~8..... N.C.S.